Stockholders' Equity

3 Months Ended

Jun. 30, 2011

Equity

Stockholders' Equity Note Disclosure [Text Block]

NOTE 14 – STOCKHOLDERS' EQUITY

A. Stock issued for consulting services

In October, 2010, 10,256 shares of restricted common stock were issued to the Company’s independent director as compensation for the service from October 2010 to March 2011 A total of $20,000, which represents the fair value of the service, was included in common stock and additional paid-in capital. $20,000 was expensed and included in the Statements of income as a part of general and administrative expenses.

In October, 2010, 15,000 shares of restricted common stock were issued as partial compensation to a consultant for services provided to the Company for the year ended September 30 2010.  The service was valued at $30,900, which was included in common stock and additional paid-in capital. Accrued expense was reduced by the same amount.

In October 2010, 60,000 shares were issued to the Company’s investor relation agent for the service from October 2010 to March 2011. A total of $120,000, which represents the fair value of the shares issued, was included in common stock and additional paid-in capital. $120,000 was expensed and included in the Statements of income as a part of general and administrative expenses.

In October, 2010, 20,000 shares were issued to a law firm for the service performed for the registration statements filing. A total of $40,000 was included in common stock and additional paid-in capital and accrued expense was reduced by the same amount.

In March, 2011, 150,000 shares were issued to a Company’s investor relations agent for service from March 2011 to March 2012. A total of $187,500, which represents the fair value of the shares issued, was included in common stock and additional paid-in capital. $15,625 was expensed and included in the Statements of Income as a part of general and administrative expenses and $171,875 is recorded in prepaid expense. In three months ended June.30.2011, $46,875 of the prepaid expense was amortized and included in the Statements of Operations and Comprehensive Income (Loss); the rest of $125,000 is included in prepaid expense balance as of June.30.2011.

B: Earnings Per Share

The following is a reconciliation of the basic and diluted earnings (loss) per share computations for the nine months ended June 30, 2011 and 2010:

	2011		2010
Net income (loss) for basic earnings (loss) per share	$	2,992,243	$	(8,339,645	)
Weighted average shares used in basic computation		31,058,716		27,521,939
Earnings (loss) per share:
Basic	$	0.10	$	(0.30	)

Diluted earnings per share	2011		2010
Net income (loss) for diluted earnings (loss) per share	$	2,992,243	$	(8,339,645	)
Weighted average shares used in basic computation		31,058,716		27,521,939
Diluted effect of warrants		-		163,817
Diluted effect of option				505,668
Weighted average shares used in diluted computation		31,058,716		28,191,424
Earnings(loss) per share:
Diluted	$	0.10	$	(0.30	)

The following is a reconciliation of the basic and diluted earnings (loss) per share computations for the three months ended June 30, 2011 and 2010:

	2011		2010
Net income (loss) for basic earnings (loss) per share	$	102,794	$	(4,586,263	)
Weighted average shares used in basic computation		31,155,323		29,252,022
Earnings (loss) per share:
Basic	$	0.00	$	(0.16	)
Diluted earnings per share
		2011		2010
Net income (loss) for diluted earnings (loss) per share	$	102,794	$	(4,586,263	)
Weighted average shares used in basic computation		31,155,323		29,252,022
Diluted effect of warrants				509,834
Diluted effect of option				1,427,683
Weighted average shares used in diluted computation		31,155,323		31,189,539
Earnings(loss) per share:
Diluted	$	0.00	$	(0.15	)